The bank is under multiple investigations, and recently was fined $1 billion by federal authorities for improper behavior in its home and auto lending divisions.

The Journal cites anonymous sources.

The San Francisco bank said Thursday it cannot comment directly on regulatory matters but added that it takes swift action to correct any violations of its values.

Separately, Wells Fargo announced the retirement of Ed Blakey, a 34-year company veteran and head of its commercial capital business. The commercial banking unit is part of Wells Fargo’s wholesale banking group, which serves medium-sized businesses.